Gold Stocks Under Pressure

08/17/2009 3:05 pm EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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The Gold Miners ETF (GDX) gapped lower on the opening Monday, creating a second bearish island formation, and the short-term uptrend was broken last week. Next good support is in the $35-$35.40 area, with the slightly rising 200-day MA now at $34. There is strong resistance in the $39-$40 area.